exemption


Also found in: Dictionary, Thesaurus, Medical, Financial, Wikipedia.
Related to exemption: Tax exemption

exemption

n. 1) in income taxation, a credit given for each dependent, blindness or other disability, and age over 65, which result in a downward calculation in tax levels. These are not to be confused with deductions which reduce gross income upon which taxes are paid. 2) a right to be excluded from, such as not being subject to attachment of one's wages if one is in a low-income bracket, or not being subject to the military draft if one is employed in essential industry, has several children or is a college student.

exemption

noun allowance, discharge, exception, freedom, freedom from duty, freedom from liability, freedom from obligation, freedom from reeuirements, freedom from service, immunitas, immunity, liberation, liberty, license, permit, privilege, release, release from liability, release from obligation, special privilege, vacuitas
Associated concepts: exemption from jury service, exemppion from sale, exemption statute, homestead exemption, personal exemption, tax exemption
See also: clause, clemency, condition, condonation, discharge, dispensation, exception, exclusion, excuse, franchise, freedom, grace period, immunity, impunity, leave, liberation, license, permission, privilege, probation, qualification, release, remission, reprieve, reservation, respite, salvo

EXEMPTION. A privilege which dispenses with the general rule; for example, in Pennsylvania, and perhaps in all the other states, clergymen are exempt from serving on juries. Exemptions are generally allowed, not for the benefit of the individual, but for some public advantage.

References in periodicals archive ?
33,750 for unmarried individuals, less 25 percent of AMTI exceeding $112,500 (no exemption if AMTI is $247,500 or more); or
Because of the immediacy of the 421-a benefit, said Bhatia, the average buyer of a one-bedroom condominium at The Capri is paying only about $200 in real estate taxes a month--compared to monthly real estate taxes of between $600 and $700 at comparable condos that lack the 421-a exemption.
In return, its policy is to negotiate broad tax exemptions with recipient nations.
Yet, as California's home prices have risen astronomically, the Homeowners' Tax Exemption has remained static.
However, the custodial parent can release his or her right to claim the exemption by using Form 8332, Release of Claim to Exemption for Child of Divorced or Separated Parents, and providing it to the noncustodial parent.
For depository institutions that report weekly, the low reserve tranche adjustment and the reservable liabilities exemption adjustment will apply to the reserve computation period that begins Tuesday, November 25, 2003, and the corresponding reserve maintenance period that begins Thursday, December 25, 2003.
Supreme Court upheld a New York law providing a tax exemption for property used for religious, educational or charitable purposes.
Florida's Economic Development Exemption (8) is available to any municipal government that obtains the necessary approval to offer qualifying manufacturing or industrial businesses that create at least 10 new full time jobs in the new or expanded locations.
Organizations that have had their exemption revoked by us must file California Form 3500, Exemption Application.
Lone District, Baguio City) said equity dictates that one who pays income taxes during the twilight of his life should be allowed to claim additional exemption corresponding to that which can be claimed by one who pays income taxes while he is at the prime of his life.